On Tuesday AGCO Corp. (NYSE: AGCO) reported Q4 EPS of $0.99, $0.01 better than the analyst estimate of $0.98. Revenue for the quarter came in at $2.7 billion versus the consensus estimate of $2.6 billion.

Commenting on the results, Jefferies analyst Stephen Volkmann said AGCO remains among the firm's top picks.

"Elevated crop prices and strong farmer balance sheets should continue to support NA sales. Brazil has begun to benefit from better weather, higher crop prices and strengthened government financing. Southern and Northern Europe have experienced some weakness (macro and weather), but we believe core markets will be strong in the UK, France, and Germany," said Volkmann.

He sees potential upside to South American and European company outlooks.